Union Square’s Fred Wilson and Spark’s Bijan Sabet Leave Twitter’s Board

Bijan Sabet
Bijan Sabet
Fred Wilson. Photo by Joi Ito
Fred Wilson. Photo by Joi Ito

(Reuters) – Two of Twitter’s earliest investors have left the company’s board of directors, the latest change to the fast-growing social media company’s leadership.

Fred Wilson of Union Square Ventures and Bijan Sabet of Spark Capital are no longer on Twitter’s board, the company said on Friday.

The departures were first reported on the technology blog AllThingsD.com.

It was not immediately clear what prompted the change.

Twitter does not plan to appoint new directors to replace Wilson and Sabet, a source familiar with the matter said.

Wilson and Sabet did not return emails seeking comment.

Twitter spokesman Sean Garrett said via email: “Both [Wilson and Sabet] saw what Twitter could become before most anyone else. We look forward to their continued input as both investors in the company and passionate users of the product.”

The departures mark the latest change at the microblogging service, which raised $400 million in a new round of funding earlier this year.

In October, Dick Costolo replaced co-founder Evan Williams as chief executive. Earlier this year Costolo brought Jack Dorsey, another co-founder, back to the company as executive chairman.

Williams and Twitter co-founder Biz Stone recently started a new project called Obvious Corp.

Twitter, which has more than 100 million active users, has been increasingly focused on building a revenue-generating advertising business on top of its Web service.

The company is broadening the areas of its service where ads will appear, Costolo said during a briefing with reporters and analysts at the company’s San Francisco headquarters last week.

During the meeting, Costolo repeatedly cited Wilson in examples and anecdotes about the various uses for Twitter, at one point using the example of Wilson’s son and his proclivity for following NBA players on Twitter without actually contributing any tweets himself.

Sabet, whose handle is @bijan, has 19,408 followers on Twitter. Wilson, who goes by @fredwilson, has 185,735 followers.

By Alexei Oreskovic, Reuters